PayPay payment app goes public on U.S. stock market with SoftBank backing

The Japanese payment app PayPay, backed by SoftBank, has raised nearly $880 million through its initial public offering on the Nasdaq exchange in the United States. The company was valued at approximately $12.7 billion as its shares began trading, though the final IPO price was set below the initially expected range. The move is seen as a strategic step for the firm to seek growth and higher valuation in the U.S. market.